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3 Credit Card Traps To Avoid
Bank West
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Whether you have a BankWest credit card or a card from another lender, there are some easy ways to avoiding giving the banks more of your hard-earned cash than they absolutely need. Here are some credit card traps to avoid:
Credit Card Trap #1Â Paying the Minimum Monthly Amount
Check your next BankWest credit card statement and you'll see a minimum repayment amount. If this is the magic number that keeps you going from one month to the next, it's time to make changes.
Making just the minimum monthly repayment amount to BankWest may clear your conscience for 30 days, but it certainly won't clear your debt. Pay more than the minimum amount and work towards clearing your debt so your cash can be freed up for more important things than interest charges!
Credit Card Trap #2Â Accepting a Limit Increase
Sometimes banks such as BankWest will send you a letter advising that you can up your credit card limit simply by signing the enclosed form and sending it back to them. The thought of having extra funds to access may be very appealing, but remember it is not your money that you are spending.
Upping your BankWest credit limit is an easy way to access more money, but also an easy way to create a credit card debt that you can't afford to repay. Stick well within your credit limit at all times and if you can't afford to pay the balance off in full at the end of each statement period, don't use your credit card at all.
Credit Card Trap #3Â Having More Than One Credit Card
Having a credit card such as the range of products available from BankWest can be useful for emergency purchases, but having a range of cards is generally not a good idea.
Each of your credit cards will have a different interest rate plus have its own fees and charges. The more cards you have, with BankWest or any other lender, the more of your money that is going straight to the banks.
The best card to have is not a credit card at all, but a debit card such as the BankWest MasterCard Debit Card. This allows you to shop online, over the phone and anywhere around the world where MasterCard is accepted, but you access your own money rather than use credit.
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